The Low Carbon Economy Ltd

Vince Cable releases Green Investment Bank details

Business secretary Vince Cable has published a progress report on the creation of the Green Investment Bank (GIB), stressing there will be legislation so it remains an independent institution.

Transform UK, which campaigned to have the GIB set up, said earlier in the week that the Treasury was standing in the way of creating laws which would offer the body permanence and operational independence.

However, Mr Cable's report stressed once the bank has been approved by the European Commission legislation will be passed.

Offshore wind, non-domestic energy efficiency and waste were identified as areas which were likely to be in line for early investment and the report said the initial focus would be on building the assets which will form a green infrastructure.

The business secretary also announced the creation of a GIB advisory group, which will be chaired by Sir Adrian Montague.

Sir Adrian said: "The Green Investment Bank is a genuinely radical innovation. The keys to the GIB's success are going to be precise targeting and brilliant execution."